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tv   Varney Company  FOX Business  January 31, 2018 9:00am-12:00pm EST

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one another. >> and i would say dagen, my final thought is that the democrats are not doing themselves any favors with this resist, resist, resist. if they really want to have a shot, they need a message. great to see everybody. sean, guy, dagen, thank you. have a great day. "varney & company" is next and here's stuart. stuart: good morning, maria, and good morning everyone. the buyers are back after two days of heavy selling, stocks will open with a strong gain. look at this, please. across the board green arrows. the dow up what? 200 points, s&p 9, nasdaq solid gain. 34 points. now, we don't know how the market closes, but it will open with a nice bounce. thank you. the immediate answer is profits. looking good. boeing sold more planes, made more money and will bring in close to $100 billion in revenue this year. boeing is a dow stock. its gain will add at least 100 points to the dow. throughout the program today, we'll be asking that
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question. is that it? done with the dips so buy the dip? it's going to be another very big day. it was certainly a big night. the president upbeat. positive. reaching out for bipartisan deals on immigration and infrastructure. much of his state of the union speech outlined the economy's success. and a cbs poll showed 75% of the tv audience approved of that speech. the democrats, angry and and silent throughout. nancy pelosi and schumer sat on their hands and looked frankly resentful. how will the american policy look storming out of the chamber when the crowd chanted usa, usa? the president looked good. the democrats did not. by the way, moments from now on this program the treasury secretary steven mnuchin "varney & company" is about to begin. ♪ ♪
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trump: since we passed tax cuts, roughly 3 million workers have already gotten tax cut bonuses. many of them thousands and thousands of dollars per worker. as tax cuts create new jobs, let's invest in workforce development and let's invest in job training. let's open great vocational schools so our future workers can learn a craft and realize their full potential. one of my greatest priorities is to reduce the price of prescription drugs. tonight i'm calling on congress to produce a bill that generates at least $1.5 trillion for the new infrastructure investment that our country so desperately needs.
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stands tall over one more monument. this one. this capital. this living monument. this is the monument to the american people. . stuart: all right. some of the highlights there from the president's first state of the union address. he covered a lot of ground, including the economy, drug prices, and infrastructure. and now, joining us on "varney & company," the treasury secretary steven mnuchin. mr. secretary, welcome to the program. great to see you, sir. >> good morning. it's great to be here with yo y. stuart: did the president's words calm the markets after two days of losses? >> i think so. i mean, it was a great speech. it was very inspirational. the president highlighted the economic success of his programs over the last year and put together a terrific agenda to focus on for this year. . stuart: do you still expect 4% growth this calendar year? and if we get even close to it, yo you concerned about
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rising interest rates? >> i think our real focus is 3% or higher sustained gdp, and we're very confident we will get that. i think we can definitely have a quarter where we get to 4%, but we're really focused on long-term growth. and i'm not concerned about inflation. as a matter of fact, in the short-term, we would like to see some wage inflation, and we expect to see some there. but i think as you look at overall inflation whether it's, you know, the recent deal you see in health care or other things, there's a lot of things that are driving down costs longer term. stuart: sir, can i interpret that as, yes, interest rates in the short-term will go up some more? >> i'm not going to comment on interest rates in the short-term because i respect the fed's independence. but, you know, i would say if you look at the forward curve, obviously, there's some expectations built into the market. stuart: mr. secretary, would you please listen along with our audience to what senate minority leader chuck schumer said about the economy. roll that tape, please.
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we're trying there. [laughter] by the way, i'll fill in the blank if i may. roll that tape now. >> i think i know what he said. >> economic recovery is all thanks to him when reality is that he owes a lot of it to barack obama. two words i don't think we'll hear tonight on the economy. thanks, obama. . stuart: okay. the audience did finally hear it. you know what he said. your response, please. >> look, i think it's unfortunate the democrats can't acknowledge the reality that the trump economic agenda has been great for the economy, has been great for the market. if you look at what we did in the tax bill, and you look at whether it's apple or at&t or boeing or all of these other companies that are investing in the u.s., that wouldn't have occurred had we not changed the tax system. you would have trillions of dollars that would stay offshore and the president
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trump economic agenda is what's going to create growth. that's the difference between 2% and 3% gdp. stuart: looking forward to infrastructure. taxpayers, as i understand it and the president kind of outlined it last night. taxpayers contribute $200 billion. and last night, the president talked about that being leveraged up to 1.5 trillion. could you explain that leveraging. how does it work? >> sure. well, i think you know infrastructure has been one of the president's biggest agenda items. being a builder, he knows that we need to rebuild america, and he wants to do that with a combination of federal money, a combination of leveraging state money, and a combination of leveraging private money. and part of it is going to be money. part of it is going to change the regulatory environment. so we could move things that took ten years to permit down to a year or two. stuart: can you get 60 votes in the senate for that? >> well, we need to get 60 votes, and i expect there will be bipartisan support for this. i think everybody understands
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there is a need to invest in america infrastructure. stuart: have you written off the hard right and the hard left, and you're trying to bring the moderates together? is that the strategy? >> no. i think the president will never write off anybody. so i mean, obviously, we need bipartisan support here, but we'll be working with congres c. stuart: the tech companies, they're all reporting this week tonight and tomorrow night. what are they going to do with all the cash that they're going to bring back to america? if they pass it along a lot of it to shareholders, the left is going to object forcefully. what do you say? >> well, i would say i had the opportunity to meet with tim cook last week. obviously, they're making a major investment back into the u.s. bringing this money back, creating 20,000 new jobs here. we couldn't be more excited about that. i'm sure there will be some companies that do do share buy backs, but i would just say there's nothing wrong with that. you need to understand that when that capital is returned to investors, that's capital
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that can be invested in other things. so while our number one objective is that people invest in infrastructure and capital and new jobs, recycling capital through the economy is a good thing and not a bad thing to efficient purposes. stuart: what keeps you up at night worrying about the economy? what dark cloud do you see? >> well, i think the thing about the economy is we're never good at seeing the next dark cloud. i mean, one of my major focuses is cyber. it's an area where i want to make sure the financial system is protected. i spend a lot of time on that. we've talked about cryptocurrencies and other things. terrorist financing and cutting off money to bad people. . stuart: okay. amazon, berkshire hathaway, jp morgan as you know, sir, they're teaming up on health care. is this private enterprise to the rescue of the health care mess? >> well, i've only seen some of the headlines on this, but i would say, you know, anything is a good thing where there are private market
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solutions to create more competition. so if these companies can get together and have better buying power and can cut costs together, i think that's a welcomed solution to just government regulation. stuart: despite the strong performance of the economy, many americans side with the democrats, and they think that large corporations and wealthy individuals, they're the ones who get most of the benefits of the tax cuts. to change that perception, you may have to sell this thing more aggressively. >> well, the president will continue to be on the road. i will be on the road. you know, the reality of it is we're up to 3 million people that have received special bonuses. we have companies that invest a lot this month, the irs updated the tax tables so people will see more money in their pockets, and i think as people see the investment and people see what it does to them, i think we're going to see the polling numbers skyrocket on taxes. stuart: over in davos, you
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made a comment about the dollar and kind of went all over the place with that. you weren't very happy with what you said and how it was interpreted. you seem somewhat at ease this morning, mr. secretary. something you may say out of place. am i right? >> not at all. what i was upset about is the press took one of three things that i said and highlighted it. i made a very balanced statement. what i said was really a matter of fact. and in my original comments, i was very specific in that, you know, it's a liquid market. we don't care where it is in the short-term. the market determines that and in the long-term, we believe in the strong dollar. so i think this was misreported and misinterpreted, and i corrected it and made clear the next day it wasn't what i said. it was how it was reported. stuart: mr. secretary, thank you very much for being on our program this morning. great pleasure. thank you. >> great to be here. thank you very much? stuart: yes, sir.
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steve mnuchin, treasury secretary right there. where are we going in this market in about 20 minutes time? we're going to go straight up on the dow. 200 points up for the dow jones industrial average. helped enormously by strong numbers from boeing. that company's looking down the road. they see a big increase in revenue coming at them. they're going to sell a lot more planes. the stock is up $21 nearing 360 per share. 6% gain. that helps the dow. higher profit from the health insurer anthem. but remember, please, that stock was down 5% yesterday on the news about the partnership amazon morgan and berkshire. it's only a modest. it's a nice bounce back today. 5% up. microsoft. now, they report their earnings after the bell today. i've got a little bit of microsoft stock. everybody ought to know that. question. will they give us a blowout profit report? we shall see. anything short of a blowout, maybe the whole market's got a problem. same story with facebook. they report at 4:00 this
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afternoon eastern time. anything short of a blowout and the whole market could suffer. we're watching it. check this out, please. video from the united states navy. that is a russian fighter jet buzzing one of our navy's planes. the russian plane came within five feet of our plane. that is very -- that's too close, let's be clear. big foreign policy announcement for president trump last night. signed an order to keep guantanamo bay open. and called for bipartisan approach on immigration and infrastructure, but he's not getting any love from the democrats. nothing but hostility and relooks from the left last night. more varney after this
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. stuart: all right. last night the president asked congress to produce a bill that
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generates at least $1.5 trillion of infrastructure spending. senator john kennedy republican from louisiana is with us. he's on the senate budget committee. sir, mr. senator, i believe you're very concerned about debt and all this extra spending. >> well, it's certainly plays into it. i mean, i thought the president's speech last night was good. well delivered. he does well on television. he has a lot of experience. he was trying to strike a balance between reassuring his base talking about our accomplishments and establishing some democratic friends. one of the things he talked about with respect to which we share common ground, stuart, is infrastructure. the president wants $1.5 trillion on our roads and bridges and america. i mean, we all know some of our roads are axle-breaking insults to this century. of course, the issue is how do we pay for it?
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now, i'm not real keen on the idea of just borrowing another $1.5 trillion, and i'm looking forward to the president talking about his plan. one measure that his secretary treasury agreed to yesterday and committee, i asked secretary mnuchin point-blank. i said would you be willing to dedicate the tax revenues from the foreign profits that will be repatrioted to the united states under our tax cut bill to infrastructure? i have talked to him about this before. he has been unenthusiastic. yesterday he said he thought it was a terrific idea. how much would that be? maybe a couple hundred billion. that doesn't get us to 1.5 trillion, but it is a start. . stuart: well, he dismisses it. >> it's going to be a challenge, i can tell you. stuart: you might not have seen it, senator, but he dismissed that just moments ago on this program. he was our guest at the very
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top of the hour. >> well, i'm disappointed because i have -- i thought i had turned secretary mnuchin around. i asked him point-blank in committee yesterday, and he said i think his words he thought it was a terrific idea. obviously, he's rethought his position. i will wait to hear the details. i think the infrastructure's important. i thank the president for talking about it. but i want him to be mindful of the fact, as i know he is, we have $20 trillion of debt and climbing. stuart: you were in the chamber last night. what do you think of the democrat response? they looked angry, silent, sat on their hands. your response to their response. >> there was some antipathy toward the president, that's for sure. but the president got a number of standing ovations from the democrats. when he talked about lowering the cost of prescription drugs, when he talked about infrastructure, when he talked about the men and women that
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keep america safe. those -- that was his way of reaching out to all americans but particularly the democrats. and they responded. now, some didn't but many did. joe manchin, for example. joe stood up and applauded a number of times, which i appreciated. stuart: okay. mr. senator, thank you for joining us this morning. big day. we appreciate you being here. >> thank you, stuart? stuart: yes, sir. hillary clinton in the news releasing a lengthy statement explaining why she didn't fire a staffer on her campaign who was accused of sexually harassing a coworker. her statement was released 15 minutes before president trump addressed the nation. more varney after this
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. stuart: right before the state of the union address, hillary clinton released a statement about why a campaign adviser who joined her campaign and was not fired for sexual harassment. here's her statement. i very much understand the question i'm being asked as to why i let an employee of my 2008 campaign keep his job despite inappropriate workplace behavior. the short answer is this. if i had it to do it again, i wouldn't. okay. i'm trying to get some sense here.
9:24 am economist and the hill contributor liz peak is with us. can i sum it like this? hillary clinton is finished? >> i think that's a very fair statement. she really sees now the turf of being the protector of women that she has always wanted to be and pretended to be. but we know it isn't true. she defended her husband all those decades for really gross misbehavior for women. and now protected another serial sex abuser in her own campaign. stuart: and releases a statement 15 minutes before the state of the union. >> one too many glasses of chardonnay. anyway, i thought it was really bungled, and i couldn't tell from the timing whether she wanted attention or wanted this to be basically drowned out by the state of the union coverage. good question; right? because this is not a good piece for her. but, look, the last time i heard of her, she was addressing a conference of teen vogue. i think that says it all. she's gone. stuart: i want to talk to you about the democrat strategy of absolute resistance and
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rejection of everything. i think that's a lousy strategy bearing in mind the president's very positive speech last night. and you say what? >> well, look, cbs had a poll out right afterwards saying 75% of the country liked the speech, including the bulk of independents. so i thought it was interesting. he did not come to this speech with a lot of olive branches, i didn't think, for the democrats. but why would he? i mean, some of them didn't even show up to hear the speech. we had people like charles at the new york times saying don't tell me he's going to try to be a normalized president. i'll turn off the tv. i mean, people are so dug in on the resistance that that we open their minds, and i think that's actually a message for republicans. we are trying. we're going to get things done and the democrats are sitting on their hands. pretty powerful. stuart: a visual thing. >> yeah. stuart: look at those faces. >> the photos were terrible. cory booker during the immigration comment looked like he was sucking on a lemon. i mean, it was just terrible. you know, nancy --
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ashley: the entire evening. >> they all looked grumpy. stuart: got to go, everybody. we're going to open this market in four minutes time, and we're going to go straight up. 200 for the dow industrials and the s&p and nasdaq too. stay there. we'll watch this market bounce. we'll be back whoooo.
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>> it's about what 10 or 11 seconds away it is a big open lost what 500 points on the dow industrials monday and tuesday. now it wednesday morning bounce back time here we go up already 240 point. right from the get go, we're back to 26,300. that is a gain of .8%. now is it broad based let's have a look at the s&p what percentage gain have we got there up only 1 .3% a bounce back but not as broad based as we would like to see it. how about nasdaq up half percentage point solid gain no question about it. but it is the dow that's leading the way. what is leading way within the dow? i'll tell you it is boeing. all time high, 359 dollars share
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up 21, 6% beauing a u dow stock boeing is adding at least 100 points to the dow industrials united health is a dow stock it is up there 8 nearly 3, 4% thats overall dow average a is a dow stock not much of a gain this morning. a gab of ab collar it reaching back to 167. microsoft and facebook they report their earnings after the close of the bell today. facebook this morning is up a buck. microsoft is up 84 cent both dow stocks both again helping the overwhelm dow average. who is with me on an important bounceback day ashley webster liz claman and jonathan to you first you're the guy who has consistently said it is beginning to keep on going up by any dip. are you buying this dip? >> this isn't much of a dip to me stuart i think we can see a little bit more to the downside
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or might be just rested here right now but it is not a dip out of one position and apple 170 and on our firm basis. everything else we're holding tight i think market continue to go higher nothing is fundamentally chaiged this looked like program creating yesterday just profit taking by programs. design to certain stocks reach certain lealses that take profits nothing to it. but bounce back day will be important. >> are you buying today? >> no i'm going to see if there's any further selling on some program trade nothing reason to buy. i own everything i want to own right now. >> same question if this is a dip okay not much of a dip but are you buying it? >> i don't think you should buy dips stuart, in fact, i think you want to buy stock when is they're stronger rather than weaker. but look the market is down as you said what 200 points from the high a lot of stocks are said all time highs but what i think matters stuart is what's your position. you know a lot of folks these daze i they've enjoyed stock gain but they have a lot of debt and no savings but i think
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regardless if they go 5h points, what matters is what's your position fact is i think a lot of people are more overextended in. situation so i think in most cases whether it is bitcoin you wrath arer buy higher now is a good time to be fearful because so many others are very, very greedy. >> we hear you i want to talk boeing that is the big movement shaker of this morning. very strong numbers coming in. by the way, that stock is way more than doubled since last jab. it is at 5:59 now. >> delivered 76 3 planes last year are that was a record that has a back log of orders over 5,000 which is also all time high. they're outlet despite beating revenue and earnings -- estimates their outlook for this coming year has been incredibly bullish as you're seeing what market is doing. >> has. 5:59 all time high for a long, long way chart telling story for radio listeners straight up, on
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boeing. straight up today. >> thank you. microsoft and facebook they come out with financial results after bell today. would you buy either one today ahead of the earns report? >> i don't think we're going to see a dip i disagree with other guests i like buying on dips i think this market has a long way to go so any stock that i like that i don't own, i'm trying to buy lower i'm opening it comes down facebook i regret that and microsoft we own and love and continue to hold it. >> jonathan you're laughing. great example why are you laughing? >> a great example because in a strong market you don't really get dips. stuart i mean look at example for example boeing look at facebook these are stocks that have continued to go up that continue to be strong. so you know what i mean old saying that you know there's no top in a bull market reverse is true on the down side with with bitcoin as relevant example and buying the dip in bitcoin that is down 50% now from all time high. so i think boeing ironically is
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stock and seeing strength in other defense stocks like north group for example, that you want to buy strength. so you think you've been waiting in a dip in facebook and haven't gotten one with with stock up hundred and hundreds of percent. i have to tack apple stock this morning is up a become. by the way, they are under investigation by the justice department and the scc investigations this about the battery? >>here's what's going on late lt year apple with iphone users saw their older phones os 7 and older slowing down. apple sent out a software upgrade and basically in that software upgrade am a l is accused of not telling users it is because that old aging lithium battery could randomly shut down the phone if instead they sent out the upgrade so theory of that apple was doing this to get consumers to buy a new tone. a better faster phone. and that's not what was happening. as hear too they have batteries
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in their scc filing to disclosure issue as well. doj is looking at it. apple is apologized given battery breaks and you know discounts on it. but is it good enough. not going to kill them. sure. didn't kill apple last night speech, president outlined a plan a big infrastructure spending plan one and a half trillion over ten years. all right shaw let's, not whether or not he's getting plan in place. you tell me which and which infrastructure stock you would buy. >> infrastructure always means you know, materials and equipment to build so -- i like new in terms steel a best steel company out there in the united states, and profit major better than u.s. and looking to buy them i think i want to see some funding you know step up before the infrastructure projects. then we're going into new car. i also like united redgeses and incorporated because united
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rentals caterpillar and other big companies i've sold a lot of equipment but in terms of building quickly you need rental equipment and it is already stock is already doing superwell and helicopter to do better than earnings work phenomenal. >> do you have an a infrastructure stock that you would buy? >> i'm scratching my head stuart. i guess republicans hate the infrastructure spending with democrats doing. i guess they love it when they're doing it we're going to see a ton government waste and that's interesting. interest rates shoot u up. i like stocks stuart that are infrastructure or actually foreign so i would look at etf one is tolz. tolls they actually own foreign airports. foreign roadway, i think privatization is great idea for or infrastructure, don't hear it much from this administration when you hear from the dem wirp you were hearing it from the gop. >> never hearing before trk olz got it. but for foreign airports how do we benefit from infrastructure rebuilding in america? >> i guess they work in america
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as well we have to imagine opinion all right, look not quite the high of the day. but close -- we're up 243 points well above 26,300 now this one for you. mcdonald's, i got to shock when i saw this u nude they plan to open about 1,000 new stores worldwide this year. by the way, they've got 6,000 stores around world already. so they're still looking for 3% increase the stock is up another dollar 173 on mcdonald's. let's have a look at when -- badly beaten down over the last few days because of the sexual misconduct allegations against steve wynn another bounce back today up $3,174 on wynn. xerox a deal that creates what about an $18 billion company. xerox is up nearly it is now up 10% always check general electric see if it is still there 16 bucks share. [laughter]
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25 cents today okay. >> question is will it be kicked out of tao after 110 years or so. kicked out of the dow it goes down because dex people have to find it electronic arts okay the game publisher. they've come out with a rosy forecast look at that. a 7% gain for what is already big company. good numbers from the health insurer anthem a bounceback of 4% but they were down 5% yesterday. because of that amazon berkshire jpmorgan get together on health care. big deal, it broke right before our show yesterday. there it is -- amazon berkshire jpmorgan creating u new company nonprofit could change health care. jonathan i like this idea. of bringing private enterprise to the health care mess what say you? >> yeah, i grim when i non for profit we want for profit rightlet have amazon do for health care what they did for
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books what they did for publishing and done for everything. the real issue here stuart is getting government out and before obamacare government paid for half of health care spending so we want more for profit nongovernmental initiative. i applaud even warren buffett certainly amazon for et being involved in this. and -- [inaudible conversations] >> the stock they really hammer middle man stocks yesterday in hilton. hammering indeed yesterday. it's that time i have to say good-bye and thank you for shaw, and jonathon gentleman thank you very much indeed up very solid tbain on the big board we're up nearly 240 points as we speak 236, 26,314. that's where we are. the cajun navy remember them they're group of volunteer who is rescue people stranded in hurricane flood zone hon or medical record at the "state of the union" speech. the founder of that tbrowp sat with the first lady last night and he will join us after the break.
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>> we have endured floods and fires and a storms. but through it all, we have seen the beauty of america's soul and the seal in america's spying. each test has forged new american heros to remind us who we are and show us what we can be. we store volunteer of the cajun
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navy racing to rescue with their fishing boats to save people in the aftermath of a totally devastating hurricane. and we bring you this morning john bridges who is founder i believe of the cajun navy is on our screen right now. so you were in the -- in the chamber last night, watch it you were right there. how did he feel when the president picked you out? >> it was -- it was a great feeling. a great opportunity to represent the state of louisiana and also a citizen led movement that we have going on right now at this moment in louisiana. called the cay cajun navy you may have heard it now. >>we the you on the air because when that hurricane hit i remember -- we got video tape of guys like you in your volunteers just
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trolling down the highway with your boats in toe. going to rescue people. we remember it very well you had a huge impact sir. >> yes, sir. there was thousands of men and women that stepped up dropped everything, when people were in need. took off work use their own asset, their boat went out there. i had i guys and ladies that stayed out there for seven day. ming u did you get a call from someone in -- from the white house or from congress or your senator or your congressman to ask you to go last night? >> i sure did. i received a call from the white house. and i had the -- make sure it wasn't a prank. [laughter] >> how did you make sure? [laughter] >> it was just one of those moment like really. this was sunday. there was qhows working on sunday, of course, they do. [laughter] however, other o side of the
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coin last night was a very negative response from the left. the democrats were there sitting on that you are hands. and actually i heard some booing at the mention of dreamers last night i saw one congressman get up and storm out when the crowd chanted usa, usa what was, what was your feeling then when you saw the in democrats do that ?js well myself i'm a -- southern louisiana boy. and my parts everybody taught me number one thing and that's respect. and of all of the people in united states we need to respect our president. and it was kind of disheartening to see that happen. just because you don't care for the president doesn't mean that american people as a whole need to suffer. we need to do what is right for america. >> well said, sir, cajun navy it still exist as a volunteer group. >> most definitely it is.
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it still exist we're actually getting more organized and we're getting some help from some different places that we hadn't in previous years. so you know, it's going to be a great movement hopefully we can inspire nation to do the same thing watch us do what we do and you know it is a great feeling. >> john bridges it was great to have you on the show this morning. congratulations, sir. rng thank you for having me. see you again soon. check the big board we're still up just over 200 points. 26,285 that's where we are. i have to i want out amazon, another all time high up another 23 at 1461 that's amazon for you. now bring in jerry willis what's this about apple delaying those mind numbing upgrades on my iphone that really ruined my life? tell me the story. [laughter] mings well you may think they
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ruin your life but there's a lot of demand for them stuart so the watch words now for apple not bells and whistles but reliability and performance and that's why they're backing off some of the improvements to this new iphone x as you know they've delayed some of the production of these iphone ten phones cutting them in half from 40 million handsets company under investigation as you know you mentioned it before by the fcc and doj u now saying we're going to delay to the app and delay a refresh for the home screen until 2019 as you know lots of complaints about the iphone 10. the company just konts seem to get it right with a particular handset model this is tile of year where you start looking forward to improvement to a new operating is all kind of new, you know, bell and whistles. not -- and it is just no tun and here. stock up lact. you know the qhol market is doing very well right now. i think a is on the piggybacking
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that but i have to tell you this delay those upgrades please. jerry willis thank you indeed see you later. dow industrial haves still up, 200 points and we have, obviously, a vs. majority of the dow 30 stocks. do be precise 18 of the dow 30, and on the upside. last night president trump caught on a hot mic saying there's a 100% chance that that bombshell fbi memo will be released this week. judge andrew napolitano will be talking about that one moment from now.
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>> also lrn that trump administration inteppedz to release the memo by the end of the week. all right listen to what the president had to say about it last night. roll tape. okay 100% going to be released, however, the fbi says one of the fbi says it is accurate. but the justice department does not want it out there. napolitano is here. judge, now that was congressman. >> jeff duncan republican of
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tennessee who has seen the memo according to "the washington post" the president had not yet seen it. he's going to see it this morning so hadn't seen it when he said it is coming the probably had it described to him so the fbi in the doj do not want it the because they believe it reveals sources and methods of acquiring data of acquiring intel. and they don't think it can be effectively redacted. why do we -- how do we mow this? because christopher wray, the director of the fbi and rod rosenstein chief operating officer of the doj where's jeff sessions in all of this? another issue for another time. and with general kelly chief of staff yesterday afternoon trying to persuade him of the potential dangers and here's the confession they got from general kelly run it past general mcmaster and gnarl security
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teal here at the white house to see if they have same concerns that you do because they utilize the same -- >> i don't think this is -- protrump anti-trump and i want it out like you do. but i believe that chris raised concern and rod's concerns are professionally grounded concerns. >> so get around around it becat is we thought our appetite i don't see how president cannot reare lease it after he says to congressman 100% -- >> so i would go enfurther no surprise to you. i would release the democrat memo as well and i would release the raw intelligence on which both memos are based. so then we can see who is spinning us. who is sat on this information while congress voted to extend fisa who abused power and american public has right to know this. and it better be be dynamite because that's the way it is being set up if it is anything less -- >> the problem with a buildup like this you taught me a long
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time ago under promise and overperform this might be overpromising and underperform. >> where did i perform one of the thousands of e-mails we send each other every week. [laughter] >> on the same page. don't say it. are you coming back to the 1:00 hour? >> i'm looking forward to it in which case you'll be there. thank you, judge. s i say the president gave an upbet and positive speech last night. but you would not know that from watching the faces of nancy pelosi an charles schumer. my take on the democrat reaction to the "state of the union" is next. [ phone rings ] hi, tom. hey, how's the college visit? you remembered. it's good. does it make the short list? you remembered that too. yeah, i'm afraid so. knowing what's important to you...
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it's okay. this is what we've been planning for. thanks, bye. that's what's important to us. it's why 7 million investors work with edward jones. today's senior living communities have never been better, with amazing amenities like movie theaters, exercise rooms and swimming pools, public cafes, bars and bistros even pet care services. . . . . to help you sort through your options and find a perfect place. a place for mom. you know your family we know senior living. together we'll make the right choice.
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stuart: the president's speech upbeat and positive. the democrats response was not. i talk this up to the win for
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president. tv audience liked it. polls from cbs, cnn, not exactly trump supporters shoulder strong approval throughout the speech democrats sat on their hand with angry silence. inside the chamber the look on nancy pelosi's face was instructive. she did not approve of anything. that is the face of resistance to all things trump. senator schumer was pretty much the same, grim face, no applause, the face of no compromise. congressman luis gutierrez stormed out of the chamber, when the crowd was chanting, usa, usa. when the president mentioned a deal for the "dreamers," there were actually boos. what a contrast. touting strong performance and good news for everyone with, reached out on a deal immigration and infrastructure
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he was presidential. democrats were having none of it. they frankly look like sore losers more than a year after the election. but the question remains what would they do if a democrat were in white house today? raise taxes? open the border? appease north korea. i don't know what they would do and neither do they. they have no plan, just a strategy of, oppose everything. not a winning stratby last night the democrats lost and president trump won. the second hour of "varney & company" is about to begin. ♪ stuart: still a very strong gain, up 191 points. we're back at 26,265. boeing, and united hello, are both dow stocks, both of them up very, very strongly. boeing actually hitting another all-time high earlier today.
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big tech names, check them all the time, look at this, amazon, just hit an all-time high. microsoft and facebook, they report "after the bell." more on that in a moment. both of them are up pretheir report. xerox, three-year high after announcing plans to merge with fuji film. ge, if i call this a bounce-back, it is exaggeration, they are up 22 cents at $16.16 per share. way back at levels of december 2011. we never forget oil, it is important but it is down today, $64 a barrel. come on in, keith fits, chief investment strategist. keith, i will call monday and tuesday a dip, 500 points down for the dow. if it's a dip, are you buying it? >> no question it's a dip. the impetus is still to go higher, stuart. we have great earnings, great job numbers, got strong
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companies, we have got tax reform, all kind of things which is good for your money. if you are going to sit this one out you are going to look foolish. stuart: you don't sell at this point? you don't think the dip i'm calling it goes any further. >> i'm hard-pressed to believe it does. another headline comes in out of the wings at any moment. there is always a risk. that is fact of life, the way you do with things when investing. longer term the trend is your friend. if you're talking about big defense stocks, big tech, big medicine. all the things we talk about. change a line of code, bring out a new product, you can add a billion dollars to shareholder value. stuart: keith, treasury secretary steve mnuchin was on this program in the last hour. here is what he said about his outlook for economic growth. roll tape. >> i think our real focus is on 3% or higher sustained gdp. we're very confident we'll get that. i think we could definitely have a quarter where we get to 4%, but we're really focused on
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long-term growth. i'm not concerned about inflation. as a matter of fact, in the short term we'd like to see some wage inflation. stuart: well, keith, do you think the market will be disappointed if we don't get near 4% growth at some point in year? >> i don't think the market will be disappointed but i think secretary mnuchin will be disappointed. he should no better than to make a comment. let the markets do what they do. concentrate an instruments of growth. let the markets handle that. stuart: get back to you in a second, keith. i want to get back to my editorial, top of the hour. i watts talking all about the democrats and state of the union, their response to it. congressman louis gutierrez stormed out out of the chamber during a usa, usa chant. in statement he later said, even though i disagreed with almost everything he said, for trump the speech was clear and well-delivered. whoever translated it from
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russian did a good job. snide. charles hurt, "washington times" political columnist joins us now. charles, i don't think much of the democrats response. it is a weird understrapping response, not a winning strategy, especially congressman gutierrez. that is my opinion. what is yours? >> anytime they're talking about russia right now, they're basically trying to change the subject from the fact that donald trump delivered a spectacular speech last night. 75% of the people that watched it loved it. it was. it was very unifying despite their, the sour look on all of their faces. it was a very unifying speech for somebody who is not invested in politics. i think the real problem here for them, they are so deeply, democrats are so deeply invested in their hatred of donald trump that they're no longer even able to applaud american success. one point last night i thought was very interesting while
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nancy pelosi looked like she was sucking on lemons all night there was a moment where chuck schumer, he kind of looked around and then started to slowly clap. i think what to me, meant, schumer as you know is a very smart, shrewd guy. i think, sitting down there, even he realized in the moment that, okay this is ridiculous. we look like fools. and i think he started to sort of warm up a little bit. it didn't last long but he tried. stuart: he realize the camera was on him obviously. you can see that. don't we all, charles. president trump laid out i guess, you could call it the four pillars of the immigration deal. the "dreamers" can stay but you have to build the wall and end chain migration and end the lottery system. i don't think there are 60 votes in the senate for a deal like that. do you? >> no, i do not think there is. i don't think there is simply for political reasons. i think there aren't, i don't
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think democrats will come to the table on it. i should be clear, this is a bill, i don't like this proposal. it's far, far too far to the left for me. stuart: really? i'm surprised. >> the number of, the number of amnesties, citizenships given to "dreamers" and you know, extended family, that, i think there is a, there is medium ground there. stuart: i see your point, charles, but i don't think -- if you move to the middle -- >> no, you're exactly right. you're exactly right on both sides you're going to lose people on either side no matter what you do but my simple point is this. for all the people want to call donald trump a racist, want to call him a lightweight when it comes to legislation, having covered immigration in washington for 15 years, this is the most centrist, serious, attempt to solve this problem that i have ever witnessed, and
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that comes from proposals made by conservatives, liberals, centrists, all of them. nobody has come up with a proposal that is this serious about going so far over to give democrats what it is that they want most, but they're going to turn their nose up at it for a number of reasons. one is, they hate donald trump. the second thing is they don't really want to solve the problem i don't think. i think they're very happy having the problem exist and they can run campaigns off of it. that is really disgusting situation to find ourselves in. stuart: at that point, charles hurt, thank you very much. appreciate it. want to go back to talk about your money now and bring back in keith. facebook, report profits after the bell today. so will microsoft, keith, would you buy either of them today as of right now? facebook at 189, microsoft at 93? would you buy either of them today? >> i would go for microsoft before i went for facebook right now at this very instance, stuart, here's why.
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team zuckerberg, self-reflection about the morale i implications, advertising, false news, will impact revenue. he will have to realign engine that produces 85% of facebook's revenue. i'm hard-pressed to say sell it, because i don't think that is the case. microsoft we'll have good good numbers into cloud computing. and gaming. the company recovering resiliency and vie brand system i like that. stuart: what do you say to the following proposition, if there is any degree of disappointment from any big tech companies reporting this week, it affects the whole market, takes it down, what say you? >> i agree with that 100%, stuart, and here's why. today's market, most of the big tech companies are owned traded or hedged by just about every major institution in the world. what that means if there's a hiccup, every single one of those, trillions of dollars potentially have to realign to
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reflect reality. it is a short-term hiccup and everybody calls down and we're off to the races again. stuart: talk to me about apple. there are two cases about the battery situation. do you think that makes much difference to the stock? >> i think this is an investigation that potentially has some big teeth in it, stuart. it is illegal in stuart to deliberately obsolete your products. if the justice department picked up on something like that in the united states, boy, i think apple is real trouble, so is everybody that makes a refrigerator a car, washing machine, consumers are not imagining things as they break beyond the warranty period. stuart: thanks, keith. we'll see you soon. if you're up early like the varney team you saw the super blue-blood moon. the phenomenon has not occurred in north america since 1866. three separate events happen at once. the moon is full, extremely
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close to the either coinciding with a lunar eclipse. did you see it? ashley: i did. stuart: you did? ashley: i saw it had the morning. liz: maybe there are so many lunatics. ashley: i was howling. shouldn't have said that. liz: is that what that was? stuart: i'm fired up about the democrats response or lack thereof to the president's state of the union address. we're on it over the next hour. we'll ask a democrat what he thinks. and the president laying out his four pillars of immigration, one of which is build the wall. later this hour someone who has been in the room, talking how long and how much it will take to build that wall. you're watching the second hour of "varney & company." ♪ let's begin.
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yes or no? do you want the same tools and seamless experience across web and tablet? do you want $4.95 commissions for stocks, $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online. stuart: check that big board. we are up 210 points, back at
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the 200 plus level, 26,287 where we are. higher profit at health insurer anthem. it is up 3% but you got to remember it was down 5% yesterday. it and other health insurers were down yesterday after amazon, berkshire hathaway and jpmorgan teamed up to try to get private enterprise into the health care system. those health insurers are bouncing back a little today but by no means making up yesterday's losses. >> >> twenty-first century fox, it's official, we have snagged the rights, broadcast rights to nfl "thursday night football." a five-year deal. liz: wow. stuart: the director of the cdc resigning. what is going on, ash? ashley: dr. brenda fitzgerald right there, she has aparen'tly what the white house is saying complex financial interests. she often has to recuse herself from many of her duties. in other words, divesting herself is just become too
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complicated. in the end she said i will have to resign. they said okay. stuart: thank you. our next guest is the congressional candidate from new jersey district, direct 5, who says the trump tax cuts will be good for new jersey's middle class. now, let me explain something here. the last time he was on this show i got to admit i was rude. i didn't give the man a chance to make his case. we're bringing him back. i say welcome back to steve lonegan. >> thank you, stuart for having me. stuart: i will shake that hand. you're a good man. you're point was the tax cuts for president trump are good for new jersey's middle class. spell it out. >> the middle class will benefit what donald trump called last night the tax cut pay raises the we'll see that. i think top 1% we were discussing on your show last time. the fact, if you look at this from a static position, rather than dynamic position you miss the fact that the economic growth is going to benefit everyone from top to bottom. i could argue especially the top 1%, because also caused our
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state senate democrat president, steve sweeney to say they need to put a pause button on phil murphy's plan to raise taxes on the wealthy to implement a millionaire tax. it is causing state legislators looking to cut spending, to look raising 10,000-dollar cap on property tax deduction on the state income tax return to make up on the other end. so, look, gdp growth rate is going to hit 4%. your last segment you talked about this. i think it will reach it. stuart, we often talk about the millenial generation. this millenial ken race has never seen 4% gdp if they see it there will be no turning back. to turn millenials to republicans shows them prosperity. stuart: granted the 1% will do very well with their investments in the stock market and growing economy. i got it. but the 1%, will no longer in new jersey, that is where they come from, they will no longer
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be able to deduck their state and local taxes and can only deduct $10,000 worth of property tax. they will be underwater. >> except you're subject to the amt you will pay higher of the two. you will be subject most likely to the amt if you're in the amt tax bracket you pay a lower rate. you could benefit. at the end of the day i think impact on the top 1% will be minimal but overall in terms of economic growth for the whole nation, it will be a big positive. i'm with you on that i don't think any of us want to hold 99% of america hostage for a short-term minor setback. stuart: agreed 100%. >> i agree with you on that category. i spoken to my accountant. stuart: there will be exodus of money from new jerseys, new york, californias of this country. >> i blame that on failed policies of those states. stuart: agree entirely. >> we have the highest, most progressive income tax, failed legislature. they can change that in
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new jersey. that will force states like that, to make the necessary corrections. stuart: you can't like the look of exodus of gop stalwarts from congressman. the latest new jersey, rodney friehling. he is leaving because he they haves he will lose. >> i don't think he will lose. this is good republican year, in economic environment, by the way donald trump's speech last night was fantastic. most uplifting state of the union speech i've seen in decade. it's a sign of things to come. it will be a great republican year. i am sorry to lose rodney. i've known him for years. a great congressman but full steam ahead. stuart: congratulations coming back to the show. nice to see you again. >>, thank you, stuart. >> steve lonegan. first it was the cleveland indians getting rid of chief wahoo. you heard the story. there are calls for one the biggest college teams in the land to abandon the long-time nickname. we'll tell you all about this in just a moment.
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stuart: the super bowl is this sunday. we collectively are expected to wager nearly what, $4.6 billion illegally, that is, on the game. that 4.6 billion, that is bigger than the gdp of many cities. look at this map. it highlights those cities and their gdp. we will bet more than the gdp of those cities. by the way, also more than the market value of some s&p 500 companies. trip advisor, chess beak energy, signet jewelers, will bet more than they are worth. illegally by the way.
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still on sports, espn's max kellerman calling for notre dame drop fighting irish nickname and leprechaun mascot. ashley: he says many irish-americans are offended according to him by the symbolism. notre dame took this on back in 1927. it was belief it was coined by the press in the 1890s, it was to compliment the never say die fighting spirit of irish, grit, determination, tenacity. max kellerman says it is insult. stuart: liz has a stone any face. liz: i am irish. stuart: social media response. liz: fill disclosure, three family members went to notre dame. i guess this means lucky charms is racist. if someone is too sensitive he is not irish. were not shut dawn taco bell. shut down taco bell for insulting mexican food?
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stuart: olive garden for italian food. liz: by i have a fix for the washington redskins problems. should say potatoes at the end of it, washington redskin potatoes. kidding, kidding. stuart: lou holtz on the show, he is is on the show tomorrow. we will ask him. ashley: nice promotion. liz: we'll ask him about it. stuart: we certainly will. president trump announcing last night an executive order to keep guantanamo bay open. we will deal with that. we're talking about the democrats, strategy of opposition, total opposition. a democrat will respond to that, next. ♪
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♪ ashley: you are not smiling much. stuart: i think we lost our mojo so far this morning. i'm not imputing enough energy into this program. there is another apology. big tech names. microsoft. ashley: that did it. mojo back. liz: not even the beatles. stuart: microsoft will do it every time, up a buck 20. i take that, ladies and gentlemen. show me electronic arts the game publisher. they have a nice rosie forecast. games like madden, usc 3, "star wars" battlefront. they're up with a huge gain. mcdonald's. instinet upped price target for mickey d's to $203 a share.
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it is at 170. they will open 1000 new stores worldwide this year. on top of the 36,000 stores they already have all around the world. i have numbers on oil for you. the dow is up 185. we have got oil for you. this is significant. if we're using a lot of oil, that is economic indicator of strong activity. if we're piling up a lot of oil, maybe because we're producing a lot of this in this country. have the numbers, ash? ashley: a bit of a shocker, up 6.8 million barrels. in other words we built, we've been decline 11 months, 11 weeks in a row, now a surprise build, much bigger build than expected. what does that tell us? the u.s. producers are cranking out more. liz: that's it. stuart: they have upped the rig count. they have up the fracking count. ashley: we're in a fight with opec and russia. they can't win. we have all the shale oil. every time toe try to cut to
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raise prices we keep -- liz: exxonmobil will invest 50 billion going after new wells, right? stuart: we'll take it all. back to my take, democrats did not look happy at the president's first state of the union speech last night. nancy pelosi is still going. listen to what she said just moments ago, roll tape. >> the president presents himself as the, with this gop tax scam as something to help the middle class, kind of presented that, the same time his tax scam calls for 86 million middle class families to pay more as he pads the pockets of the top 1%. stuart: i find that incredible that the former speaker of the house would repeat nonsense which is, 86 million middle american families will face a tax increase. that is nonsense. let's bring in doug schoen. see if he agrees with me, former clinton pollster. it is nonsense, doug, and i
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think you know it. >> i think it is nonsense. what's even worse, stuart, why can't the democrats instead of this resist, resist, resist, say, very simply, let's negotiate, mr. president. let's test the speech and see if you're really committed to what you say. i just wish they would just stop it, stuart. stuart: but they're backed into a corner. they're backed into the corner of absolute resistance to absolutely everything, and i think last night was a turning point. i think people are finning to realize this. i think it is turning point for president trump. >> certainly good news for president trump. but to my way of thinking, the way the democrats should handle it, is to put the wood to him and say, okay, let's talk about immigration, let's talk about infrastructure. let's's see if you're true to your word wanting to negotiate all the tough points. stuart: i don't think he did the democrats any good at all when louis gutierrez somed out pause
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the crowd was chanting usa, usa. i don't think it did democrats any good, when the black congressional caucus was stone any-faced at news the black unemployment rate is virtually a generation low. where is the democrat party, doug? >> it is going in the wrong direction. it is moving as nancy pelosi suggested, stuart, toward redistribution, no real growth strategy. no cooperation strategy at all. frankly i'm a proud american. i want to succeed on getting a deal on the "dreamers" and on comprehensive immigration reform and rebuilding our roads. let's try to do that. stop the politics. stop the slinging, stop the attacks. stuart: i have one more for you. >> please. stuart: moments before the state of the union address hillary clinton issued a lengthy statement acknowledging that she didn't fire a senior advisor after he allegedly sexually harassed a female staffer.
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she did that, right before the state of the union speech. that was a document dump by any other name. is she still in politics? >> i don't know what she's in but, why didn't she just say she blew it, she made a mistake, explain why she made a mistake and move on? but stuart, there is another point i would like to quickly make. she had all this detailed recollection about something that happened 10 years ago, but when asked about the 13 1/2 million dollars of effectively her campaign money that was used for the russian dossier, she said, oh, that was the lawyers, i don't know much about it. is that believable? stuart: do you think hillary clinton, she herself, does she think she has got a future in democrat politics? >> if she does, she is the only one. stuart: so she has no future? >> not that i see, not that anybody i talk to sees. and i don't think anybody in clinton world other than hillary and perhaps chelsea thinks she does. stuart: can you name a rising star in the democrat party that
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you approve of? >> there is no one who is a rising star in the democratic party that i would at this point enthusiastically embrace and i am very sad for that prospect. somebody with bill clinton as you know, stuart, 20 years ago, brokered cooperation with newt gingrich and the republicans to get a balanced budget and deal to reduce the debt and deficit. that is what i'm proud of. that is my legacy. that was a democratic party that doesn't exist today. stuart: that's true and there is always room on the other side of the aisle for a guy like you. there is. >> well, i'm going to stay where i am but i'm in the middle, stuart. i want compromise and i want america to win and succeed. we lose when err divided. stuart: doug schoen, good to have you on the show. >> thank you for having me. stuart: president trump at the speech last night said he was reversing an obama-era order on guantanamo bay. roll tape.
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>> so today i am keeping another promise. i just signed, prior to walking in, an order directing secretary mattis, who is doing a great job, thank you. [applause] to reexam enour military detention policy and to keep open the detention facilities in guantanamo bay. stuart: come on, lieutenant colonel ralph peters, who joins us now. colonel, what are your thoughts on this, keeping guantanamo bay in operation? >> it is the right thing to do, period, no argument. it is the right thing to do on a practical level because we need a place offshore to store these people, to keep them. and even when we have tried to keep them in afghanistan or in iraq, human rights fanatics still come after us. so it's a lose, lose, lose, whatever we do. let's do the right thing. gitmo works. it is the right place.
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going, the idea strikes terror in the hearts of terrorists. so it's necessary but there is something even more important that the president did in that same segment as announcing that he will keep gitmo open and that was he called the terrorists unlawful enemy combatants. that phrase is very, very important because under the geneva convention, and corollary conventions and treaties an unlawful enemy combatant does not have the rights of a prisoner of war let alone a u.s. citizen. unlawful, criminal, illegal. they're doing something in violation of the laws of war. so that change in status was very, very important. when you get back to gitmo, right now there are only 41 inmates at guantanamo. we freed 7, 800, many of whom have gone back to the battlefield. while i can be critical of trump on many things, on national
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defense he is strong and on this issue he is dead right. stuart: that expression, repeat it for me, unlawful enemy combatant, is that what you said. >> unlawful enemy combatant, combatant, i'm fine with that what does that mean going forward? does it mean if we seize one of these people on the battlefield, we don't have to bring them back to a civil jury trial in america? we can put them in guantanamo bay and try them by the military, is that what it means? >> if we choose that. in tactical terms, the geneva convention was originally created an unlawful enemy combatant to be skilled r killed on battlefield, doesn't where a badge, doesn't obey laws of war, doesn't answer to formal government, not part of identified revolutionary movement they're beyond the pale of humanity as we see with isis and al qaeda. beyond the pale of humanity. we'll not summarily execute
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them, but anyone we kill on the battlefield is a good death, when we capture them, we don't have to give them a cell phone to say, here, call your lawyer. they do not have the rights of a u.s. citizen, even if they have been a u.s. citizen that went over to isis. it changes the status. >> it does. >> by the way, when you get to these guys, just astonishes me and repulses me those on the hard left feel more sympathy for terrorists than they do for their victims. stuart: i'm with you all the way, ralph. glad you pointed this out to us, unlawful enemy combatants. got it. i will get it right, believe me. >> better with your english accent. stuart: i don't know about that. ralph, see you soon. thank you for that. i want to get back to the border wall. the president wants to spend $25 billion building it. some of the cost will go to hire more border patrol people. we have tommy fisher, the head and ceo of fisher sand and
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gravel. tommy, you're involved, you have ideas about building the wall. i have two questions for you, how much could you build it for, and b, how long would you take to build it? >> thanks for having me on the show, stuart. right now there is a proposal on homeland security's desk to continually build a wall, solid cron create wall, not a fence, 700 miles, covering the complete state of california, arizona, new mexico, with no exceptions through the mountains, 10.77 billion, 20 year warranty with high-speed access roads to border patrol can do their job effectively an efficiently to cover every linear mile of the border. we're looking five years, versus their proposed budget of 10 years. stuart: i can see how environmentalists and the left would file lawsuit after lawsuit after lawsuit to hold it up and stop it. that is significant opposition, isn't it?
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>> well, it is but there is also a roosevelt rule, with our patent, we can basically fit within the 60-foot easement and build this for them. so i really think the government has it in their hand, that if they want it done, there are ways they can get that done. we can work, we made a living out of building high-value jobs in the side of mountains that followed all the environmental rules and everything else. when they bottom the finished product, everyone benefited, just no different than every single american will benefit when we completely secure the border and we build something that lasts 150 years. we have to look at it for long generations. stuart: tommy fisher, we'll wait to see what happens with that idea, that plan. five years, $10 billion, 700-mile wall. tommy fisher, fisher sand and gravel. thanks for joining us, sir, thank you. >> thank you. stuart: next case, department of justice, sec, both of them investigating, apple, whether they broke the law when it slowed older iphone models.
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judge napolitano will pass judgment on that in a moment. first though, president trump announcing his plan for infrastructure, and his treasury secretary seems to think it won't face democrat resistance. we're on it.
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♪ ashley: john bridges, founder ofvolunteer "cajun navy" was praised by the president last night of his work's rescue efforts in hurricanes katrina and irene. it was an honor to be thanked in person the he was not impressed with behavior of some democrats. roll tape. >> myself, i'm a southern louisiana boy and my parents and everybody always taught me the number one thing, that's respect. and of all the people in the united states we need to respect our president and, it was kind of disheartening to see that happen. just because you don't care for the president doesn't mean that american people as a whole need to suffer. we need to do what's right for america. i'm thinking...
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i'd like to retire early. let's talk about this when we meet next week. we came to manage a trillion dollars in assets under care, by focusing our mind on whatever's on yours. stuart: got higher profit at d.r. horton. that by the way is the biggest u.s. homebuilder. it sold more homes. the stock price is up 1.7%. the state of the union speech, the president extended an olive branch to the democrats. roll tape. >> so tonight i am extending an open hand to work with members of both parties, democrats and republicans to protect our
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citizens from every background, color, religion, and creed. stuart: all right. chris stirewalt with us, editor. this was rejected. it was an olive branch clearly on several different issues. it seemed like everything was rejected. i don't think that is a very good strategy on the part of the democrats. what say you. >> i don't know what you mean by rejected though. dick durbin said they were ready to work with the administration and, not just on immigration but also on infrastructure, basically saying show us the stuff, shows us what you got, we're ready to talk, we're ready to negotiate. stuart: do you think the democrats want a deal on immigration. >> i think democrats do not want to keep having to shut the government down over daca. i think that they don't want to, they don't -- so for the past decade democrats like the issue of immigration because it was torture for republicans. there is some pain in it now because promises democrats made
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to the base, what they will do, and what they will get on immigration so there is incentive there. the other part of the incentive democrats have on this, it is con eachable as the president has seen his numbers improve and remain stable to a degree, house republicans have benefited from the bounce they have gotten since the tax cut as republicans have come home to themselves, that there is concern for these democrats in states like north dakota and west virginia, certainly missouri, if there is, let me make it very simple. if the republicans can pass something out of the house which i don't they that they can, i don't now think they can, but if the republicans pass something out on immigration, you get 50 republican senators on board, it would be impossible for democrats to refuse it outright. stuart: that is interesting. one more for you. listen to what treasury secretary steve mnuchin told me about the president's infrastructure program this morning. roll tape. >> being a builder, he knows that we need to rebuild america and he wants to do that with a
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combination of federal money, a combination of leveraging state money, and a combination of leveraging private money. part of it will be money. part will change the regulatory environment, so we move things that tech 10 years to permit down to two. stuart: is there another room for bipartisan deal? >> there is room for bipartisan deal there is appetite for it in either party, really. the reason they're using this, we'll have public private, we'll have this, move one, move the other, there is no way they will bet republicans to borrow trillion dollars to spend on infrastructure improvement. fiscal conservatives stop at certain point. on other side the democrats are not interested in giving the president a jury-rigged win on this. they're not willing to come out and say, we'll call this public/private partnership or this or the other thing infrastructure improvement. i don't think there is incentive
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in either party unless they come up with a way to really get this money, won't see democrats come on board. stuart: doesn't look like much progress. see gridlock, deadlock, whatever you call it. >> that is how we like it. that is the system. stuart: i don't like it like that. i want to see something done. this is a great opportunity. chris, we admire your expertise. thanks for being on the show. >> you bet. stuart: president trump urging congress to give term ill patients to try experimental therapies. doc siegel coming up on that. ♪ with expedia, one click gives you access to discounts on thousands of hotels, cars and things to do. like the royalton riviera cancun for 54% off. everything you need to go. expedia.
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>> people who are terminally ill should not have to go from country to country to seek a cure. i want to give them a chance, right here at home. it's time for congress to give these wonderful, incredible americans the right to try. [applause] stuart: let me repeat that because it is worth repeating. he wants congress to give terminally ill patients the
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right to try unproven experimental drugs. dr. marc siegel, is with me now. allow physicians to bring in unproven drug to apply it to a patient? >> yes. we are already doing that we had 5600 compassionate approvals. stuart: speed it up. >> it cuts the regulations. it speeds it up. gives a cloak around physicians so we're protected. they are not fda approved drugs. they're only in clinical trials. a doctor needs his back protected. stuart: from lawsuits, right? >> exactly. the issues remains, are drug companies going to provide these drugs? dr. gottlieb, head of fda said he will push them. one thing to get approved by fda. another thing to get the drug company to have the drug. the third thing is insurance going to cover it? who will pay for it. a huge step in the right direction. it already passessed senates cause up in committee in the house. koch brothers are trying to push it through. after this, the president came
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out like this, i predict it is going so pass. very important. stuart: very important for terminally ill people, you have a stream of genetically engineered treatments coming on stream. >> exactly what we talked about on the show. immunotherapies, genetically engineered therapies, we talk about it almost every week. some drug will work with dying patient or very ill patient, with als or terminal cancer, they haven't quite made it through approval for the fda, we need them what choice do i have? i will die would you it. stuart: very important subject. >> extremely. i thought he was very eloquent about it. stuart: next, i'm calling the president trump's first state of the union a success. forget the scorn from the left and dirty looks. this is in my opinion a turning point from the president. my take on that next.
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stuart: that speech last night, i think it went down very well certainly with middle america. it may mark a turning point in his presidency. we are one year in and the president has had a rough time. 's approval rating remains below 40%, his dial-in demeanor not really popular. but last night we saw positive and upbeat president, he made a clear effort to reach out to his opponents. he went out of his way to appeal to the middle ground, try to pull the country together. this will help his image. it was a new approach and the sour, angry response of the democrats will only help him. you don't win friends in america by storming out of the chamber when the crowd shouts usa usa as congressman gutierrez did last night at the black congressional caucus
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sitting stonefaced as the president reported the lowest black unemployment rate in decades that does not help democrats, it helps the president. mister trump clearly has something to feel upbeat and positive about, the economy, going very well, that news will seep through the media filter and reach middle america. it has reached them already, wages up, spending, growth up, pensions richer, bonuses flowing, there is that feeling of prosperity, possibilities. we are going somewhere. it will not go unnoticed with you can see last night, the speech was a successful conclusion to a year of surprising accomplishment. look at the reaction of nancy pelosi and senator schumer, the expression on their faces. democrats resentment speaks volumes. the president won last night. i think it was a turning point. the third hour of "varney and company" is about to begin.
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>> since the election we have created 2.4 million new jobs including. [applause] >> including 200,000 new jobs in manufacturing alone. unemployment claims have hit a 45 year low. the stock market has smashed one record after another gaining $8 trillion and more in value in just this short period of time. great news for americans. 401(k), retirement pension and college savings accounts have gone through the roof. since we passed tax cuts roughly 3 million workers have already gotten tax-cut bonuses. many of them, thousands and thousands of dollars. we also doubled the child tax
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credit. we repealed the core of the disastrous obamacare. the individual mandate is now gone. this in fact is our new american moment. there has never been a better time to start living the american dream. stuart: a new american moment. i am calling it a turning point for the president. let's get reaction from steve forbes, forbes media editor in chief and karl rove. steve, to you first, your reaction, i say it was a turning point for the president and you say what? >> ronald reagan and winston churchill would've been impressed with that speech, he was drunk, commanding, generous, optimistic and by contrast the democrats came across as constipated sourpuss is. it was a vivid contrast and the
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one that highlighted the positive message of the president's speech. stuart: karl rove, you are not a major trump supporter, do you see it the same way i do? that it was a turning point for the presidency? i think we have a problem. i got you. start again because we missed the first part of your statement. >> i said i agree with you and steve that this was a very good speech, optimistic, upbeat, focused on an agenda. the stories he told about the people sitting with his wife in the box were terrific and the point both of you made that the contrast with the democrats was enormously powerful. steve was using a formal term, sourpusses, it is absolutely accurate. the visual was bad. here is the point. a speech alone is not going to reset it. it is what happens in the weeks and months that follow that
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matter. a piece in the wall street journal i got an advance look at, very insightful, well-written, make the point of what needs to be done. i have done a good job on it myself. what happens in the days and weeks that follow, it matters whether it is a real reset and whether this does help the president's numbers rise not for a week or two but months. stuart: hold on a second. back to you, steve. what do you make of the democrats response as a political strategy, not what you thought of the response but from their point of view are they doing the right thing, resist everything? >> the answer is no but they are fearful of the base of their party which is more extreme leftist, fearful of primaries this year. more than general elections, they get pushed further left, you see with cory booker from new jersey, once a very good impressive moderate, now friends on the far left, wants to run for president. politically they are making a mistake and if the president wants them to be in the headlines that will hurt the
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democratic party -- >> i they boxed into a corner. >> they become the alternative. there was one camera shot where the president was talking about standing for the pledge of allegiance, joe mention attempted to stand and realized he was stuart: on the democratic side trying to stand, when he is in a state donald trump won by 42 points. how comfortable do you think he is in this left-wing orthodox gaining dominance over the democratic congressional -- stuart: not just policy and strategy but the visible. that was a tv event last night and that is the big deal, the visual effect. >> nancy pelosi looked like she was really irritated all evening, wasn't just sour, she was irritated and this is the one moment americans do want
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optimism and unity. i thought durban's comments from earlier in the morning were on target. that was the message democrats should have visually displayed. we will try to be reasonable and you will meet us halfway. and obstructionism, negativity, we will do nothing with you and it isn't very attractive. stuart: that is a fact. >> my day has been made. stuart: get out of here. thank you very much. let me get back to money because the dow industrials are up 140 points, they lost a chunk of the gain, we were up 240, 250, now we are up 140, steve forbes still with. much of that gain, accounted for by one stock, that is
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boeing. you take boeing out, we don't have much of a bounce back. >> the key is the follow-through. and elections this year go for another tax cut, that would be good and the two think they have to be careful of, when his trade, wanting to renegotiate nafta and another to blow it up, that is a fear out there. the other is the wobbly state of the dollar, we saw with jimmy carter, richard nixon and george bush what happens with a weak dollar. steve mnuchin has to stop talking down the dollar. we want a stable dollar. the economy will roar. stuart: steve mnuchin was on at 9:00 eastern time, saying i was misquoted about the dollar and media people messed me up. donald trump wants $1.5 trillion of infrastructure spending over ten years, from taxpayer money, the rest
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leveraged by private enterprise. is that workable? >> you have seen states the do privatization, competition in there and those roads are better, look at the railroad system, the best in the world, run by the private sector, government that ran it would be a mess today. it can work. the key thing, what the president said last night about getting away these crazy obstacles that take ten years which you can do in two or one years. stuart: that is a big deal. >> if he put that out and a couple states do it, a very positive ripple effect. stuart: on a roll i. i want to talk about facebook banning all ads that promote bit coin and other crypto currencies, facebook says the ads are frequently associated with misleading or deceptive promotional practices, no impact on facebook, it is up
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today, 188. to give you the price of bit coin we have not been following is closely as we should, january was the worst month, and below $10,000 per coin, 9800 to be precise. got to talk about amazon, it has hit another all-time high, $1458 per share. i would like to know what jeff bezos is worth now, has to be $115, pretty close. fujifilm buying control of xerox, that creates $18 billion. investors like that, xerox up 6%. this man you are about to see on your screen, us army veteran -- there he is, made headlines by offering to take maxine waters seat in the state of the union speech after hearing she wouldn't be going. he got the seat and is with us.
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the markets only up 128, the gain has been cut in half. you are watching the third hour of varney and company which is only just getting started.
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stuart: the hyper loop could be coming to missouri. a public-private partnership will study whether it can be used from kansas to st. louis. it has levitating parts the travel inside a vacuum, sealed tubes come could go as fast as 700 miles an hour, it could take people across missouri in less than half an hour if it gets built. back to the state of the union, the congressional black caucus refused to stand for donald trump when he mentioned the black unemployment rate is at an all-time low. they sat, next guest was at the state of the union it is a u.s.
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army veteran. >> some kind of hillary clinton phrase coming getting upset about it, and it turned into a positive thing instead of a negative thing. >> the black caucus remained silent and stony faced, and black unemployment at a historic low. >> the state of the union address, >> something that the success. and, and for african-americans
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or hispanics. and what you say you are for. >> and black leadership. does not like to hear anything good from donald trump. >> and the things that he is promising, things that are happening. regardless what happens if it is good or bad, to seem one way, really want african-american votes so they try to spin it and say barack obama did this, it wasn't donald trump, people are coming around and having the president a chance. stuart: can you see the point in your lifetime, not mine, i
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am much older than you. in your lifetime can you see the decor majority of black folks vote republican? >> it is my hope. i think what democrats sell the black community, they have been selling it for decades, and i was someone who voted for barack obama. what is going on here, i saw trump's message, it really resonated, instead of just always going towards what democrats say they are going to do, they don't do it ask your vote four years later, we should get out of bed and look at the statistics and facts and go from there. be one good to have you on the show and hope you had a good time last night, i am sure you did. the deplorable that on our show, thanks for joining us,
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appreciate it. steve forbes with us. what do you make of this, do you ever see the point coming when we have a majority, more than 50% of black voters vote republican. can you imagine such a thing? >> 100 years ago it was inconceivable that african-americans would vote democrat and it happened in the 1960s with the civil rights movement so these things change in american politics, it is fluid, not cast in stone. thank you very much indeed. now this. the u.s. navy releasing video showing a russian pfizer jet. and this happened over the black sea, it was in international airspace. pentagon accusing russia of unsafe military practices.
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strong numbers, the stock hit a record high, looking down the road and sees a big increase in revenue, they will sell a lot more planes, stock is up $18. better profit from and some, that stock was down 5% yesterday, between amazon, morgan and berkshire hathaway. and them bouncing back to present but it was down 5%. check amazon, up $21, i went to check on jeff bezos's net worth, $14.59 a share. >> that is according to forbes magazine. stuart: $116 billion, far and away the world's richest man. $20 billion richer than bill gates. >> he can treat us to lunch. stuart: the department of justice, the us and sec
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investigating whether apple intentionally slowed down the performance on older by phones, the judge will pass judgment on that. to take up the case next month. and refusing to pay union dues. the lawyer taking on the unions, that lawyer is with us. i have been telling you this for a long time, the superblueblood moon, total lunar eclipse. and 2037 asking about this lunar trifecta. my name's dustinhey, dustin. grab a seat. woman: okay. moderator: nice to meet you. have you ever had car trouble in a place like this?
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(roaring of truck) yes and it was like the worst experience of my life. seven lanes of traffic and i was in the second lane. when i get into my car, i want to know that it's going to get me from point a to point b. well, then i have some good news. chevy is the only brand to receive j.d. power dependability awards for cars, trucks and suvs two years in a row. woman: wait! (laughing) i definitely feel like i'm in a dependable vehicle right now. woman 2: i want a chevy now. woman 3: i know!
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retail. under pressure like never before. and its connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver.
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stuart: two former google employees are making robot delivery cars was the company is called nuro in their building and made electric vehicles. they will carry groceries, flowers, packages to homes and businesses. harley-davidson's first all electric bike in the next 18
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months can go 50 miles before it needs a charge and 0 to 60 in four seconds. that is fast. however harley also announced it is closing one of its plants because of sloping motorcycle sales. you won't believe it. a woman tries to board a united airlines flight with a peacock. there she is. she bought a second ticket for the peacock, she claims she needed for emotional support. the airline denied her request, too big and ways too much. >> mcdonald's, worldwide, already got 36,000 stores around the world increasing by 3%, stock is up 171 on
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mcdonald's, don't forget about wind badly beaten-down, the sexual misconduct problems with stephen win, to the low 160s, 167. and and most of that gain is from one stock, boeing has gone straight up. more money and politics after this. ♪ how do you win at business? stay at la quinta. where we're changing with stylish make-overs. then at your next meeting, set your seat height to its maximum level. bravo, tall meeting man. start winning today. book now at
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stuart: the news is this. the dow is up 126 points, the rally is almost all because boeing which is a dow stock is straight up. joining us is fox news contributor scott martin. i don't like the look of this market. this is based on one stock in the dow, what say you? >> the tape was ugly yesterday for sure, dow down 350 and change. the reality is there were winners. amazon won yesterday, facebook held in, they are okay, tech stock didn't go down as much.
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in general it wasn't terribly bad, the headlines were bad, that tells me there are pockets of strength as an investor you rely on. stuart: what are you buying? >> taking a position in facebook ahead of earnings coming up because earnings -- stuart: you would buy facebook now just a few hours before it reports its profits? you are taking a flyer. >> i don't know if it is much of a flyer or if you look at their earnings the last few quarters it has been blowing. emerging market growth come into graham nearing 1 billion users, there were a lot of good numbers to come, microsoft lost the cloud race with amazon, and we on those already and adding them for new clients. and 200, taking some off. stuart: what do you say that if microsoft or facebook
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disappoints in the slightest, those stocks and the overall market and no room for disappointment. >> talking about this yesterday, you were right, no room for error. a lot of these companies don't error, they don't miss. look what amazon has done and google and the reality is the risk is high if they miss. they are not going to miss, they are going to hit and you own them going to earnings. stuart: you said this market will keep going up. maybe the occasional pause but you are still with that. the market keeps going up from where it is now. correct? >> i believe it does lose the earnings season has been very good, the tax cuts are filtering into the market and the fact that we have one of the stronger economic environments in the last several years in 2018 so that is for the s&p. stuart: thanks for being with us, see you again soon.
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let's talk legality. the supreme court will take up the case next month that will decide of government employees can be fired for refusing to pay union dues. the lawyer for the plaintiff in this case is with the liberty justice center. welcome to the program. let me get this straight. your client is a government employee, he is forced to pay union dues, he doesn't want to pay union dues, he wants out. what is the problem? >> he and 5 million people who work for government in 22 states across the country are forced to give part of every paycheck to a union just to keep their jobs and that is wrong with as citizens we have a right to choose for ourselves. stuart: just to keep their jobs. if they didn't pay those union dues they would be fired?
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>> a legal requirement they take that money, the government pulls it out of their paycheck, everything a paycheck. stuart: is this some sort of law that says that, a government worker? >> 22 states have laws on the books that allow the government to force people to give every paycheck to a union just to keep their jobs. >> i thought the supreme court had ruled against it, i thought that was not allowed. >> we can't be forced to support a political advocacy group with our money against our will but there is this weird privilege that unions have enjoyed to force people to do that but you shouldn't have to check your first amendment rights at the door because you take a government job. that is what this is about. stuart: are you going to argue in front of the supreme court? >> i will be there to make arguments to the court. >> don't look like that. that is pretty good for a man who is arguing before the
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supreme court. >> it is good to be there and that they are taking a position because this has been going on for decades now. there was a supreme court decision 40 years ago that said this was okay and the supreme court can correct that mistake and restore the rights of workers to decide for themselves what political ad for europe's they will or won't support. stuart: we are with you. thanks for joining us. judge andrew napolitano, you just heard what was said here, don't think you will contradict anything. stuart: another first amendment issue is freedom of association with people have the right to associate or not to associate with people that they want. his client is a government employee so we are not talking about the government doing this to private sector, we are talking about the government doing it to their own employees. the supreme court has said they can't force the expenditure of funds on political ads. his client said my dues, making up the numbers.
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and the leadership of the union, a rebate on that. his concern is bigger than that. there concern is why forced me to join an association in the first place i don't want to join, why take that money out of my paycheck when i have not authorized you to do so? that is what the supreme court will take out. stuart: i got to talk to you about apple, that moment of justice, the sec, both of them investigating apple, apparently intentional slowing, and the one you got right there. are they looking at whether apple violated securities law, nothing to do with consumers. judge napolitano: apple has eight lawsuits, each of which seeking class-action. imagine how many of these exist in the country. it would be enormous money for plaintiffs lawyers was how much will you get out of this?
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the class-action lawsuit, the doj in a minute, class-action lawsuit not only seeks money but seeks the imposition of something in here to prevent apple forever from doing what it once it is which is slowing down and instrumented sold you after it leaves their hands and is in your hands which i don't know that the technology exists. can apple impose technology in here that bars it from tinkering with the phone in the future? that is what the class-action seeks. the sec and the doj want to know, have you ever heard of this? you are the business guy. have you ever heard of a corporation assaulting its own product to force its customers to buy a new product? stuart: built in obsolescence. judge napolitano: if there is built-in obsolescence will that be revealed to shareholders? that is what the sec is looking for. it is all fascinating. the doj, the sec cares whether
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apple diluted shareholders, to tell them we are diluting our own product. stuart: i think i understand. costing a lot of money. judge napolitano: go to the apple store which is not far from here and get my free new -- stuart: steve forbes, you are an astute viewer, what do you make of it? is apple in a mess here? >> it is in a mess. stuart: you do not. >> got it from the smithsonian. stuart: they are in a mess. i underestimated this. >> the built-in obsolescence, a car would fall apart after a wild. this was deliberate, you take it to a gas station and they deliberately make it worse. stuart: apple stock is at 167, down $10 in the past couple weeks. the iphones and cutting production in half.
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judge napolitano: you are bitter. stuart: i am the guy my daughter said to me many years ago, by apple, $57 a share. this is pre-many split. i didn't buy it. so i am bitter. judge napolitano: the link to the tape of stuart admitting he is better. stuart: stocks making news and going places. dr horton, biggest us homebuilder sold more homes, stock is up not much, $.20 is all they got. don't forget ge, always check to see if they are still there, $16 a share. the largest oil refinery on the east coast filed for bankruptcy and the skyrocketing cost of epa green energy mandates. i say green energy mandates are
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killing utilities in various parts of the country, deliver more on that story in a moment and the country watched the president that state of the union speech since hollywood celebrities held their own people at state of the union. mark romo, host of the events, called trump supporters the ugly underbelly of america. our voice of reason from the golden state, larry elder, joins us next. ♪ (daniel jacob) for every hour that you're idling in your car, you're sending about half a gallon of gasoline up in the air. that amounts to about 10 pounds of carbon dioxide every week. (malo hutson) growth is good, but when it starts impacting our quality of air and quality of life, that's a problem. so forward-thinking cities like sacramento are investing in streets that are smarter and greener.
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the solution was right under our feet. asphalt. or to be more precise, intelligent asphalt. by embedding sensors into the pavement, as well as installing cameras on traffic lights, we will be able to analyze the flow of traffic. then that data runs across our network, and we use it to optimize the timing of lights, so that travel times are shorter. who knew asphalt could help save the environment? ♪ show of hands. let's get started. who wants customizable options chains? ones that make it fast and easy to analyze and take action? how about some of the lowest options fees? are you raising your hand? good then it's time for power e*trade the platform, price and service that gives you the edge you need. alright one quick game of rock, paper, scissors. 1, 2, 3, go. e*trade. the original place to invest online.
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>> i am gerri willis from the floor of the stock exchange with the story about fox sports, the network reached an agreement to broadcast the next five seasons of nfl football for the next five seasons, the cost $3 billion, and cbs and comcast. it is down 12% over the previous seasons. and weeks for to 15, thanksgiving, and broadcasting 7, to see how broadcast partner is. fox sports reaching agreement to broadcast the next five seasons, back to you.
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stuart: how about this for breaking news, the train carrying republican members of congress to a retreat in west virginia was involved in an accident. fox news reports the train collided with a dump truck may have been's -- the member thrown from their seats, they may be injured, the dump truck driver, when we know more, you
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will know more. california is experiencing and earthquake drought. the state hasn't had a magnitude 7 or more for more than a century, multiple parts of the san andreas fault are stressed enough to produce large and damaging events. listen to the left as reaction when the president brought up dreamers and immigration during the state of the union, roll tape. >> a merit-based immigration system that admits people who are skilled and want to work and contribute to our society and will love and respect our country. [applause] stuart: i believe there was
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some blueing when the president mentioned dreamers and immigration. didn't hear it on that tape but that did happen last night. bringing in larry elder, there was blueing, thigh we did not get it there but what about that? >> most certainly was blueing and it happened when donald trump mentioned ending chain migration which is something the left really wants. that is more important to them than protecting the 20 members because that allow them to recruit democratic votes in almost a limited fashion. i put on twitter a while ago a speech given in 2008 by an executive with the sdi you, pro-democratic union. the top official that he is now. if he can get two of three of the 11 million new voters to vote for our progressive caucus we will have a governing majority for the long-term. flat out or two out of three of these illegal turned citizens would vote for us and that is
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important for our base in the future. once again, if it were the other way around and two of three illegal aliens turned voters would vote for republican party, the board would be tighter than ted's headband. stuart: incoming migrants were to vote republican, democrats would build the wall, that is my personal opinion. >> and pay for it. we wouldn't be having this conversation. they would be ending catch and release, sanctuary cities, would not be talking about chain migration, they would be working side-by-side with republicans to stop illegal immigration, it would not be in their best voting interest for the long haul. that is what would happen. i am very i don't agree with donald trump on giving 1.8 million illegals a path to citizenship because you're turning the country more and
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more left-wing and if you believe a more and more left-wing country is not consistent with the best interests of the country you ought not one to that but i understand the compromise and don't know why democrats aren't taking it. it is a better deal than even obama. stuart: throughout the program we looked at the credit response to the speech last night as we saw in the chamber. since the speech nancy pelosi had more to say about tax cuts and the speech last night. she says is again, roll it for the audience. >> the president presents himself with this gop tax scam as something to help the middle class. at the same time his tax scam will cause 86 million middle-class families to pay more as he pads the pockets of the top 1%. stuart: that is a monstrous piece of nonsense. 86 million middle-class american families will be forced to pay more in taxes.
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i know where that comes from, the fact that individual tax rates, the cuts will be abandoned for individuals, eight, nine years down the road so theoretically there will be more taxes at that point but that is a real intellectual stretch. am i right? >> the idea that taxes will go up and the middle-class down the road is only true if congress allows it. this is a woman with a net worth of $200 million, she is dismissing the $1000 bonus people are getting in the raises they are getting as inconsequential. debbie wasserman schultz referred to them as crumbs, jz, and donald trump bragging about
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the economy. and and and and let's credit the obama recovery to george w. bush, to barack obama. >> in your neck of the woods hollywood celebrities held a counter state of the union event. roll tape please. sorry, don't have that. hollywood doing its usual thing. >> you have a bunch of hollywood lefties who believe donald trump is evil, racist, xena phobic, let them do their thing, who cares? the grammys were one of the lowest rated show, i imagine this won't get much better
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ratings than the grammys. stuart: thank you very much, we know where you are coming from, see you again real soon. the largest oil refinery on the east coast has filed for bankruptcy. the cost of green mandates is what killed them. killing a lot of utilities around the country. we will be back with more on that. ♪ ♪ when heartburn hits fight back fast with tums chewy bites. fast relief in every bite. crunchy outside. chewy inside. tum tum tum tum tums chewy bites.
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stuart: a train carrying republican members of congress in west virginia has been involved in an accident with a dump truck was stuck on the tracks, the train hit it. it happened near charlottesville, no injuries reported to gop members or their families. what you are looking at is a tweet from rachel been, it shows that dump truck am a what a mess. that is ongoing. clean energy mandate in my opinion killing utilities across the country, earlier this is the largest oil refinery on the east coast went bankrupt, it blamed higher green energy mandates. joining us is the head of another energy company, ceo of
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atr energy. in my opinion you got to roll back these green mandates but i don't think you can do it, not you but the administration. >> tough situation, that refinery last year spent $218 million on effectively buying credits, green credits and that is a tax, that was twice what was spent on salaried employees. stuart: you got to use more green renewable energy. >> as opposed to green energy such as solar and the like of that. stuart: to make up for their carbon emissions using fossil fuels they buy green energy credits, $200 million. how long is it going to take to unravel and get rid of the stuff? >> comprehensive energy plan has to be put in place, we have to look at all this, turning corn into fuel. stuart: you don't agree.
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>> sugarcane works well in brazil, there are a lot of things to be done around the world but it is a difficult subject that involves a lot of taxation and special interests. my company which bought a business in ireland called hybrid, we are green efficiency. that is battery storage to the grid, more renewable on without causing the grid to become unstable. stuart: are we to the point you have batteries powerful enough to hold enough juice to be useful? >> they have to be. the more penetration you put into renewables on to the grid, think of the cloud going by the wind slowing down or think of what is happening, becomes unstable so if you put a battery to push that backup solves the problem. elon musk's company put a very large battery in south australia to keep the grid stable because they were oversubscribed i would say in terms of renewables. stuart: the mother load of
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goals here is new battery technology. >> new battery technology and incorporating that technology with generation like wind and solar to have a balanced portfolio. you can't be all the way over here or all the way over there. stuart: just huge batteries or a technological breakthrough? >> there is a lot of technology have any. my company, hybrid energy, is in puerto rico. we kept cell towers up for a long time. that is a generator running 45 minutes a day rather than 24 hours a day. stuart: steve forbes, do you think the administration can rollback these green energy mandates? >> you need congressional legislation and that will be tough to do. it is easy to say you are polluting the environment if they do well in the midterm elections in 2020 they will have the juice to get these mandates out of the way. ethanol is going to be very
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tough because iowa is part of presidential politics. stuart: the iowa caucus -- >> i can testify what happens. stuart: i want to get back to the breaking news story we were bringing you in the last half hour, the train accident involving members of congress. the only we have at >> house speaker paul ryan is on the particular train. he is fine. any injuries appear.nor. the concern is the trash truck, drive of that truck, was stuck on the line as train was coming in with lawmakers in west virginia for a retreat. stuart: greg walden tweeted that. that is on your screen. greg walden was our guest yesterday on the program. >> that's right. stuart: one of the lone republicans on the west coast. he was on that train, tweeted out, can't quite read it. we're fine but the train hit a garbage truck.
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members -- >> with medical training assisting the driver of truck. liz: there were members of the family and children on the train. stuart: that just happened. my time is up, neil, just yours. neil: following up what you reported on this train accident here in virginia, we can tell you, this is coming from "the washington post," carrying a number of republican members of congress to the annual tweet in west virginia. president trump scheduled to attend this summit tomorrow in west virginia. we know it hit a truck. there were variety of congressman and senators on board, including speaker paul ryan. the injuries we're betting wind of are not considered serious. 11:20 a.m., 40 minutes ago, this is reports of coming from "the washington post." a


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